There's honestly not enough room for a waist strap. This thing would be all straps if so, like some sort of straight jacket. The sternum strap holds the pack at, or maybe even below the 50% point (vertical position on the pack), so it does it's thing perfect.
I have a Pygmy Falcon II, and I dont think there's much size difference. I can't say enough great things about this pack though. Build like a tank, small enough for EDC, enough room to hold everything I think I might need to survive the day, and it's still light enough not to be a burden.
A bit pricy for a small pack, but if you know Maxpedition, then the price really isn't the issue, it's probably something more like which color to choose.